Money Laundering and Terrorist Financing (Prevention) Act (in Dutch Wwft)

Unusual Transactions

As a law firm we are obliged to comply with the provisions of the Money Laundering and Terrorist Financing (Prevention) Act (Wwft). Under this act lawyers have to notify the Office for the Disclosure of Unusual Transactions (in Dutch: Meldpunt Ongebruikelijke Transacties) at the Ministry of Justice of certain "unusual transactions". The purpose of the act is to combat the laundering of the proceeds of crime and the financing of terrorism.

When we disclose an unusual transaction, we are not allowed to inform the client of this.

Identification

In some cases our lawyers are obliged to identify the client and verify his identity. This obligation too is contained in the Money Laundering and Terrorist Financing (Prevention) Act. Lawyers are among other things obliged to identify the client, or the ultimate client, when providing assistance or rendering advice in the matter of the purchase or sale of immovable property, when managing funds, securities or other cash equivalents, when incorporating or managing companies or similar legal persons, when purchasing or selling enterprises, when performing work in tax-related matters or when acting in the client’s name and for the client’s account in connection with a financial or real estate transaction of any kind.

In such cases we may not advise or represent the client as long as no, or no adequate, identification has been provided to us.

If you have any questions about the above act, please do not hesitate to ask the lawyer at our office that handles your case.